Ann: Appendix 4D / Interim Financial Report HY17, page-28

@Listar
To clarify- I have held this investment for many months- I bought in when the investment proposition was different and my original investment thesis was that this stock had years of organic cashflow to supplement the FCF that would input additional acquisitive growth.

Since then, there has been a slight deterioration initially explained by a google search algorithm and then a subsequent major downgrade that has rightfully caused the share price to drop to its current fair level. Whilst I think the opportunity here may be rewarding at these prices, I would never have bought this stock at this time with the current information I have and the relative valuation of other opportunities in the market- so why should I hold now.

Even more so, as I have large unrealized capital gains selling at a loss here is also beneficial from a tax point of view.

So I am perfectly happy with my investment approach and even if this rises many multiples from here (and I hope it does for current holders), I will sleep easy at night that I made the appropriate decision at the time for me. I would however look back at my assumptions here and where I went wrong to learn from the error.